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APR 02, 2013 - TheStreet

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Politics, Not Math, Drive Fannie Mae Earnings

NEW YORK (TheStreet) -- Fannie Mae reported a record $7.6 billion profit for the fourth quarter, but the government-owned mortgage guarantor could easily have announced a figure of $66.5 billion. The $58.9 billion difference consists of a something known to tax geeks as a valuation allowance on deferred tax assets. Essentially these are tax credits Fannie accumulated during several years of multibillion dollar losses while it bore the brunt of the subprime housing crisis. Accounting rules provide some flexibility regarding when these credits can be counted as income. Much depends upon ... Read More

Tags: Politics, Not Math, Drive Fannie Mae Earnings,  Estate Tax Latest News